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NEW YORK, May 16 (Reuters) - The amount of U.S. commercial paper increased to a 11-month high this week, suggesting investor appetite for this type of short-term corporate debt that offer comparable yields versus Treasury bills, Federal Reserve data released on Thursday showed.
Prime money market funds, which are major buyers of commercial paper (CP), have seen their assets grow for three straight weeks, according to iMoneynet.
Non-seasonally adjusted commercial paper outstanding - which some analysts consider a more reliable reading than the seasonally adjusted one since it has been distorted by the financial crisis - rose $12.4 billion to $1.120 trillion.
This was the highest level since the week of June 20, 2018.
Commercial paper outstanding, after being adjusted with seasonally factors, rose $9.8 billion to $1.091 trillion in the latest week, which was the highest since the week of Oct. 10.
Total money fund assets increased $2.67 billion to $3.052 trillion in the week ended May 14, iMoneyNet said on Wednesday.
The interest rates on three-month CP issued by top-rated non-financial companies averaged 2.44% on Wednesday, according to Fed data. This compared with 2.41% on three-month T-bill rates late on Wednesday.
Reporting by Richard Leong Editing by Susan Thomas